The Federal Government has launched a Gold Acquisition Programme aimed at strengthening Nigeria’s foreign reserves and stabilising the naira by purchasing locally mined gold from artisanal miners.
Minister of Solid Minerals Development, Dr. Dele Alake, announced the initiative during the “Nigeria Gold Day” session at the close of the 10th Nigeria Mining Week in Abuja.
Dr. Alake said the initiative, managed by the Solid Minerals Development Fund (SMDF), is a Presidential project designed to conserve foreign exchange, strengthen the naira, and stimulate rural economies through local value creation.
“The philosophy behind this programme is simple yet powerful — we use our local naira, not foreign exchange, to mop up gold from our miners, and then sell it to the Central Bank,” he stated. “The gold in the Central Bank’s vault becomes part of our foreign reserves, reducing pressure on the naira and strengthening our economic position.”
He explained that the programme aims to achieve three key objectives: reducing pressure on the naira, boosting foreign reserves, and creating massive employment across the gold value chain.
Executive Secretary of the SMDF, Mrs. Fatima Shinkafi, commended the government’s policy direction, saying it had restored investor confidence in the mining sector.
“The confidence investors are showing today is a direct result of the Minister’s clear policy direction and the government’s commitment to responsible mining,” she said.
Shinkafi warned artisanal miners against speculative practices, stressing that gold mining requires science, technical expertise, and proper funding.
She also noted that rising global geopolitical tensions — including the U.S.-China rivalry and ongoing conflicts in Ukraine and the Middle East — have driven gold prices to record highs.
“Gold has just hit $4,200 per ounce, and analysts now project it could reach $5,000. A year ago, that would have sounded impossible — now it’s reality,” she remarked.
She urged continued stakeholder collaboration to make the solid minerals sector a cornerstone of Nigeria’s economic diversification and long-term growth strategy.
